Jul 1, 2013, 12:45 pm EDT
Thanks to the Fourth of July Holiday, there are no initial public offerings planned this week. So instead, in the spirit of the holiday, let’s admire some fireworks instead.
The fireworks, of course, were provided by last week’s slate of IPOS — 10 deals hit the market, and the overall performance was pretty solid.
Noodles & Company
However, those numbers aren’t nearly as good once you factor in the discrepancies between a few of the original price ranges and their actual IPO pricings. Read
Jun 28, 2013, 5:12 pm EDT
Fast-casual restaurant chain Noodles & Company (NDLS) apparently just left a lot of money on the table.
Following last night’s pricing at $18 per share, which was above its $15 to $17 range, NDLS shot up another 104% in Friday trading. Still, the deal — whose lead underwriters included Morgan Stanley (MS) and UBS Investment Bank (UBS) — raised about $96.4 million.
Noodles’ motto is “A World of Flavors Under One Roof,” a nod to its cuisine that spans 25 different Asian, Mediterranean and American foods. Read
Jun 28, 2013, 1:38 pm EDT
This week was rocky for IPOs anyway — as seen with the slashing of the pricing terms of deals like CDW (CDW) and HD Supply (HDS) — but Tremor Video’s (TRMR) offering has suffered the most damage.
TRMR fell 15% on its debut and another 6% in today’s trading. This after the deal was priced at $10, below its expected $11 to $13 range.
To me, this looks like a very bad sign for the online video space. Read
Jun 26, 2013, 5:38 pm EDT
California-based homebuilder City Ventures has filed for an IPO. The company plans to list on the NYSE under the symbol “CTYV” and the lead underwriters include Deutsche Bank (DB) and Goldman Sachs (GS). The pricing terms were not disclosed.
Founded in 2009, City is a unique player in the homebuilding sector. The company essentially repositions underutilized real estate into residential housing — in coastal urban infill areas. The strategy is actually not easy to pull off as it requires working closely with local housing and governmental agencies to get the entitlements.
Yet City has the advantage of a strong management team. The CEO Mark Buckland and Chairman Craig Atkins have an average of 25 years with repositioning land. They also were smart to get the financial backing of private equity operators Imperial Capital Group and Ares Management. Read
Jun 25, 2013, 1:29 pm EDT
Oil & gas firm EP Energy reportedly is preparing to go public after less than two years as a privately held company.
A closer look suggests the process is still in the early stages, and a deal might not happen until the fall. Interestingly enough, it was only back in February 2012 that Apollo Global Management (APO) led a buyout of the company for a cool $7.15 billion. EP was a part of El Paso Corporation, which was itself purchased by Kinder Morgan (KMI) for $21.1 billion; the firm only wanted to retain the pipeline assets.
All in all, EP holds a diverse set of producing assets with a focus on oil, including areas like the Eagle Ford Shale, Wolfcamp Shale and Altamont Field. There are some natural gas and coal properties as well, but the company is in the process of selling them off. Read